On the other hand, it’s probably worth noting that the gold market could get a bit of a boost due to geopolitical concerns, as there are so many problems around the world right now that clearly gold might be a good way to protect wealth. In that environment, we could very well break out to the upside. However, it’s probably worth noting that there has been a massive amount of resistance between the $2000 level in the $2100 level. With that, I think it is going to take another fundamental move for gold to finally break out, but right now I would not be interested in shorting, I think rather you are more likely than not going to see shorter-term back in for trading and therefore longer term traders may struggle for a bit of clarity.
For a look at all of today’s economic events, check out our economic calendar.